Private Equity Fund Administrator Gen II Fund Receives Investment from General Atlantic, Hg, IHS Markit

Gen II Fund Services, LLC, an established independent private equity fund administrator, has acquired a new strategic investment. General Atlantic, a global growth equity company, and Hg, a multinational software investor, are leading the latest investment.

IHS Markit (NYSE: INFO), a key provider of critical information, analytics and solutions, has also decided to make a minority investment into the company. Cobepa S.A plans to maintain its minority position. The Gen II founders and the firm’s managers will also maintain a substantial investment in Gen II as they continue to lead the business.

The terms of the investment deal have not been shared publicly. The closing of the new transaction is conditional on customary anti-trust and applicable regulatory approvals.

Gen II is led by its founding team which includes Steven Alecia, Steven Millner, and Norman Leben (since 2009). Gen II aims to offer alternative asset fund administration services. Based in New York with additional offices in Luxembourg, the company has a diverse, global client base, It administers more than $375 billion of private capital on behalf of its customers across 500+ funds and their 25,000 investors. The company’s operations and services span several investment strategies including Buyout, Infrastructure, Energy, Real Estate, Fund of Funds, Credit and Retail.

Gen II offers a technology-enabled platform that provides a “high-touch, premium service” to its clients in fund administration, accounting, reporting and regulatory compliance. The company claims it has achieved consistent, double-digit organic growth during the past decade.

Steven Millner, Steven Alecia and Norman Leben, co-founders of Gen II, stated that they’re looking forward to working with General Atlantic, Hg and IHS Markit to “make Gen II even stronger.” They added that their new investors each bring valuable expertise to Gen II and its clients.

They also mentioned:

“General Atlantic brings 40 years of global growth equity investing and will be [good] advisors as we expand our capabilities and reach. Hg, [one of] the largest software investors in Europe, brings deep software and service business intelligence that we will leverage to help refine our products. And IHS Markit, developers of WSO Software and iLEVEL, brings technology, analytics and product expertise that will help us transform the features and performance of our platform.”

Gabriel Caillaux, Co-President, MD and Head of EMEA at General Atlantic, remarked:

“Under the leadership of Steven, Steven and Norman, [Gen II] has become a critical player across the full fund lifecycle of the alternative asset ecosystem. We see significant potential to help drive market expansion across a growing global base of GPs and their investors.”

Adam Kansler, President of Financial Services at IHS Markit, stated that through its innovation and “value-added” solutions, Gen II is “a leader in fund administration for alternative assets.”

Kansler also noted that given their growth strategy and commitment to supporting private capital markets, they’re pleased to invest more resources with GA, Hg and the Gen II leadership team to “further support [their] global GP and LP clients.”



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